In Florida’s footsteps

MIAMI: International demand helped recovery.

SPAIN has been likened to Florida, and hopes to recover the housing market as quickly. After the spectacular recovery by Florida, Real Estate in Spain is taking lessons from the best in the industry at an Exhibition held in Madrid with Dean Asher, President of the Florida Realtors Association (www.floridarealtors.org) and Teresa Kinnery, CEO of the Miami Association of Realtors (www.miamire.com) talking to panels to compare holiday home markets.

There are many factors, but mainly the US economy is doing better than Spain and mortgage financing is easier and cheaper to encourage buyers. Foreclosures and distressed sales quickly led to dramatically lower house prices that brought the market back to life.

Secondly, institutional investors were big buyers in the early stages of the recovery, which helped build momentum and confidence, and lastly it seems that increasingly diversified international demand is the biggest driver behind Florida’s recovery. 

So are there any signs of similar factors rescuing the coastal housing market for Spain?

Spanish property prices have taken much longer to fall because some Spanish vendors are obstinate, but it’s more to do with the US financial system being better placed to absorb losses more quickly and because the US is a much bigger, stronger economy that could cope with the hit.

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